Influence of Pop Culture towards Consumer Behavior

Advertising is considered to be the oldest form of pop culture. It is the revolutionized way of selling products through the idea of what mainstream and popular is.  Consumers tend to be drawn toward products or brands that are endorsed by their favorite celebrities. That is why pop culture has become a means of selling products and services.  

The Practice of Relationship Marketing

Relationship marketing is an approach to create long-term engagement among existing customers. Its best strategies include intrusive advertising and promotional messages. Its main goal is to satisfy customers, create value and retain them for future affiliations. In order to achieve this goal, companies need to utilize tools, equipment and tactics! Terry Powell thought about sharing a foretaste of how the practice of relationship marketing has been developed.

Relationship Status?

To quote someone from Tumblr:

"In the age of social networks, being 'in a relationship' is just a bonus. Making [her] happy is what matters most."

If you're the romantic type, you'll probably think that whoever said this quote is really the sweet and devoted type. It may even be too cheesy at some point. But believe it or not, this quote is very true in the business world as well. Let's try to make the connection.

Glimpse of the Marketing Mix

Marketing is the lifeblood of a business. Its goal is to engage the minds of the people that a business or a specific brand exists for. It brings awareness, gets and retains customers. If marketing isn’t done well, the whole business operation will be badly affected. In order to do it well, businesses prefer to make short- and long-term marketing plans. People have actually made different marketing strategies that could help them attain their business goals and objectives. Those strategies are included in a marketing plan. But what kind of strategies should businesses implement? What aspects should they consider before doing so? 

Here comes the marketing mix.

The marketing mix is also known as the “Four P’s.” Its elements are product, price, place and promotion. Terry Powell thought about discussing each of them in diminutive ways, just to refresh the minds of business owners and improve their marketing strategies.

Athletes: Gone Broke?

Image from http://www.bestweekever.tv/

LeBron. Kobe. Beckham. Woods. Federer.

What do they have in common? Sports? Fame? Endorsements?

Everything that you thought of them is true. In fact, we admire them. Seeing them play in their playground is really awe-inspiring. Together with the instant celebrity status that they enjoy are the hefty paychecks they receive.

Recently, Yahoo! Sports released an article about athletes who lost it all. These are the sportsmen who filed for bankruptcy in the recent years. The list includes Scottie Pippen, Latrell Sprewell (Former NBA players) and Mike Tyson (Former Heavyweight champion).

Despite earning millions and millions of dollars in their careers - compiled from salaries, endorsements, TV appearances and guest appearances - it is sad to know that they still went broke. Pippen and Sprewell earned at least $100 million dollars throughout their careers while Tyson earned a whooping $400 million dollars. How come these large amounts of money vanished just five to ten years after their retirement?

Their bad investments are one reason. They invested their resources in the wrong businesses, thus depleting their hard-earned money and hastening their downfall. And when there was nothing left, their partners left them kneeling.

Another is their luxurious spending. Some athletes have become so accustomed to the life of excess that they have more cars than children. A lot of athletes also buy mansions and eat in fancy restaurants frequently. That's the pitfall of having a hefty paycheck.

The third reason is their marital and legal issues. Some athletes face cases here and there; they have wives and children whom they have to tend to every month. Most professional athletes have divorces after they retire, when the pay checks are no longer coming in. And according to the American divorce law, the wife is entitled to half of the husband's assets, including everything he earned during his sports career.

Having a whopping paycheck is a blessing. But spending these in an ill-advised way could spell trouble. On the contrary, spending it the right way is one way to keep the money flowing. Investing these on productive businesses is another. It is good to take note that money comes and goes. That's why, when you let it go, you should at least know that you would get something of the same value in return.

Terry Powell is always willing to lend a helping hand to keep your money productive, even after your sporting career.

It is way better to be remembered, not only as an athlete who dominated a certain sport, but also as a successful businessman who dominated the market.